Secondly, it sounds like there is no contract atm with the landlord and tenant.

For example, the time of year can be a factor, especially when you couple that with weather in the market. 45-60 days does sound high to me, but could be an indicator that either there aren't a lot of renters in that area or there is an over supply of rental properties for prospective tenants to choose from.

The barrier is not technological capability - there are 10s of thousands such buildings in Europe {search on Passivhaus} - but lack of will (economic and political).Equally important, and potentially more difficult problem to solve, is retrofitting of existing building stock to achieve significant energy use reductions in a cost effective manner.  

Something doesn't sound right, does the Realtor have a buddy in the bidding? 

Your license can only be active (usable, valid, in effect) when it is with a broker.  

@Dustin Cook offers sound advice--I suggest you heed it or prepare to get swindled. 

It sounds like you and your wife have a solid plan and her experience in condo management will be helpful.

Does this sound like something that could work?

Not to sound rude, but if it was such an easy question you would have the answer by now.

The rentals scenario till I find a good flip deal doesn't sound to bad.